Question

a man opened a exciting deposit account of 200 rupees per month at 10% per annum. if he gets 6775 rupees at the time of maturity, find the maturity period​

Answer 1

Answer:

3 months

Step-by-step explanation:

amount of recurring deposit per month = Rs. 1000

Rate of interest = 10 % p.a.

let period = n months

Amount of interest = 5550

Recurring deposit interest is given by.......(1)

I= P×[n(n+1)/(2×12] (r/100).......(1)

where p is monthly contribution,

p= RS.1000

n= number of months,

r= rate of interest= 10%

and I= interest= Rs.5550

hence by substituting the values in eqn(1) we get

1000×[n(n+1)/24]×(10/100)= 5550 or

n (n+1)=(24/100)×5550= 1332

hence, n2+n-1332= (n+37) (n-36)=0

hence number of months=36

n=36

it means 3 years